"A taxpayer earning $3 million in New York City may see a significant tax increase: $44,000 under the Bill, due in part to the loss of significant deductions. A similar taxpayer in Florida would see a tax savings of about $91,000 under the Bill (primarily due to the lower top rate, elongated 35% tax bracket and regaining itemized deductions that are no longer phased-out), according to our preliminary analysis."